Impact of President Biden's Debate Performance on Cryptocurrency Market

After President Joe Biden's uninspiring debate against former President Donald Trump, the likelihood of his withdrawal from the upcoming US presidential election has risen to 35%, as per the decentralized prediction market Polymarket. The debate, criticized for lacking energy and coherence by the BBC, has fueled concerns about Biden's re-election within the Democratic Party.

There has been a notable surge in betting on Polymarket regarding Biden's potential exit from the race, with wagers exceeding $7.1 million favoring his withdrawal. The New York Times called for Biden to announce his non-participation in the re-election bid, despite acknowledging him as an admirable president.

The debate's impact was also felt in the cryptocurrency market as the Jeo Boden (BODEN) meme token, named after Biden, experienced a sharp decline in value during the debate. BODEN dropped by more than 53%, falling to 8 cents from 17 cents before recovering slightly to 9 cents. Presently, BODEN is trading at 5 cents, indicating a significant 29.7% decline in the last 24 hours.

This market reaction highlights the sensitivity of political meme coins like BODEN to public perception and candidate-associated events. Although cryptocurrency was not discussed during the debate, the performance of Biden and Trump triggered market movements. While BODEN faced a decline, Bitcoin (BTC) witnessed a 1.1% increase during the 90-minute debate, maintaining a price of around $60,864.

In the context of the broader crypto market, BODEN underperformed compared to other assets, registering a 50.9% decline over the last week. Concurrently, the global crypto market saw a 3.60% decrease, whereas similar meme cryptocurrencies recorded a 4.20% rise in value according to data from CoinGecko. It's vital to note that the BODEN coin is not affiliated with Biden or the White House.